proprietor purchase an printer through own individual credit card than how to entry ?

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lalit jain (Querist)
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08 January 2017 i (proprietor) purchase an printer through own individual credit card (not company crefit card) than how to entry ? in accounting software?

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Hitendra Jain

Hitendra Jain (Expert)
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09 January 2017 Any expense of business which is meet out by the proprietor is a capital contribution. In such case Debit the expense and Credit the capital account. In accounting software just pass a journal entry / journal voucher for the transaction.

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Mithun Agarwal

Mithun Agarwal (Expert)
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09 January 2017 By Printer A/c (fixed assets)
To Capital A/c

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CA Suresh Jain

CA Suresh Jain (Expert)
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09 January 2017 write a suitable narration to the entry e.g. ------------(make of the printer) purchased from M/s. ............................vide bill No. ......................dated......................capitalized. The payment was made by Proprietor from his CC and hence Capital account is credited.

lalit jain

lalit jain (Querist)
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09 January 2017 @mrs. n jain where to entry? journal or purchase?

Hitendra Jain

Hitendra Jain (Expert)
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10 January 2017 A Purchase voucher is created when and item which is ordinarily be sold by the entity is procured. As per query it seems that the printer is purchased as fixed asset then a journal entry required to be passed.
It may be passed in following way.
Printer [ No. if more than one] Account Dr.
To Proprietors Capital Account
[Being printer procured by the proprietor from own fund. Ref - 1 Credit card transaction dated ................... Ref. 2 Vendor name, Date of Invoice]

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CA Suresh Jain

CA Suresh Jain (Expert)
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10 January 2017 Yes it is to be passed as Journal entry

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lalit jain

lalit jain (Querist)
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10 January 2017 thanks to all

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